How can NRIs obtain a PAN number?

Question

PAN number is mandatory for demat accounts, Mutual funds etc. I'm an NRI resident overseas, and I'd like to know how to go about getting a PAN number, so that I can invest in Indian stocks and mutual funds

Answer 1

Obtaining a Permanent Account Number (PAN) for Indians living abroad, a foreign citizen, or a company, trust or firm not having an office in India has become easier.

The income tax department has from this week clarified that it will no longer insist on details of a "representative assessee" while accepting PAN applications from the aforementioned categories.

The tax department has issued a circular to the two designated PAN service providers -- UTI Technology Services Ltd and National Securities Depositories Ltd -- clarifying on the revised guidelines for allotment of PAN to these categories.

"There has been a demand to relax the requirement to submit details of the representative assessee for cases where the person does not have to either pay income tax or file tax returns. The department has now clarified that details of representative assessees will not be necessary in such cases. Individuals will only have to provide details of their passport, while the registration certificate attested by the Indian embassy in the country of the applicant's origin will be required in case of companies, trusts or firms," a finance ministry official said.

The clarification has been issued since quoting of PAN is now compulsory if one has to pay tax deducted at source (TDS), undertake any of the seven transactions like cash deposit exceeding Rs 10 lakh, credit card payment exceeding Rs 2 lakh, and RBI bonds exceeding Rs 5 lakh which are included under Annual Information Returns, or operate a demat account in India.

Prior to April 2005, non-resident Indians were exempted from the requirement of quoting PAN in case of TDS under clause 3 of Section 139A.

However, this exemption was later withdrawn, because of which any NRI liable to TDS has to compulsorily obtain a PAN.

Officials said the two PAN issuing agencies had also been told to levy courier charges for PAN cards which had to be delivered abroad.

The charges would be in addition to the PAN application fee of Rs 60 and the applicable service tax.

Answer 2

There is no problem at all. Plz apply through a Chartered Accountant who is in India. PAN is allotted pretty quickly nowadays as the work is outsourced. Plz check if you can apply on line.

1) PAN application should be made only on Form 49A. A PAN application (Form 49A) can be downloaded from the website of Income Tax department or UTIISL or NSDL (www.incometaxindia.gov.in,www.utiisl.co.in or tin.nsdl.com) or printed by local printers or photocopied (on A4 size 70 GSM paper) or obtained from any other source. The form is also available at IT PAN Service centers and TIN Facilitation centers.

2) PAN application may be made on Form 49A obtained from any source other than IT PAN Service Centers or TIN Facilitation Centers. For instance, a PAN application may be made on form downloaded from the website of Income Tax department or UTIISL or NSDL; or on form printed by local printers or a photocopy of downloaded or printed form.

3) Yes, application for fresh allotment of PAN can be made through Internet. Further, requests for changes or correction in PAN data or request for new PAN card (for an existing PAN) may also be made through Internet. For more details visit (www.tin-nsdl.com)

Answer 3

HOW CAN I GET A PAN CARD IF I AM INDIAN CITIZEN living in USA and my passport is
expired but I have valid indian drivers license and election card. I applied through a agent and
he he asking me to renew my passport . But I lost my is with US govt. and I cannot do anything, but I need to have pan card. what are my option. I have friends in India who can apply for me and receive my pan card - do I really need valid passport if my friends apply for india.